TP Ostwal among Top 50 Tax Business Power List 2006

Company News, January 5

MUMBAI

A select gathering of businessmen recently met in Amsterdam for an exclusive photoshoot to mark the launch of the third annual Tax Business 50 recently. For the first time, an Indian tax professional has figured in the global list of 50 top tax professionals published by the prestigious Forbes group's magazine Tax Business.

Mr. Tilokchand Punamchand Ostwal, founder and managing partner of M/s. Ostwal Desai & Kothari, a leading chartered accountant firm practicing in the arena of international taxation, transfer pricing and corporate consultancy, has joined the league of 25-odd professionals whose name appears for the first time in the Tax Business 50 power list for 2006. The list consists of the creme de la crème of the international tax world.

Just short of the Top Ten list, at 11, Mr. Ostwal’s name has joined the league of tax professionals like Jim Tobin, head of international tax of Ernst & Young, Mr. Gerrit Zalm, the deputy prime minister and finance minister of the Netherlands, John Samuels, vice- president of taxation of General Electric, and Mr. Sorbense and Mr. Oxly, who moved up five places this year to become the top tax professional in the world.

Forbes group, which rates the world's top celebrities, designers, rich people and influential people, has been rating tax professionals for the last three years.

Tax Business has acknowledged Mr. Ostwal’s contribution in the transfer pricing regime which was ushered in the country earlier this year. In a report published by Forbes Tax Business they saw Mr. Oswal as one who carved a niche in his own country. “He (Ostwal) did the same for India's Reits system. M/s. Ostwal Desai & Kothari occupies a unique niche in the country's tax advisory landscape."

As a firm of chartered accountants in a country awash with homegrown law firms, Ostwal, Desai & Kothari occupies a unique niche in the country’s tax advisory landscape. As Mr. Ostwal continues to capitalise on the rush of foreign investment to India, the day is not far when he would feature in the top 10 next year.

About Mr. T. P. Ostwal

Mr. Ostwal is CA final rank holder and occupies or served honorary positions in several leading professional organisations or committees of regulatory bodies. He is Executive Committee Member of International Fiscal Association – Netherlands and also currently heads India Branch of International Fiscal Association. He is ex- member of the Expert Committee formed by the Central Board of Direct Taxes in India for framing the transfer pricing regulations and was also a member of the Emerging Issues Task Force on Taxation of Non-residents. He is also a member of the expert group on Transfer Pricing set up by OECD, Paris. He was also a member of TAG (E-Commerce), and is presently a member of BIAC set up by the OECD, Paris. He is seasoned speaker and presented many papers at national and international forums related to cross border taxation. Mr. Ostwal and the firm M/s. Ostwal Desai & Kothari is actively involved in handling international tax issues on cross-border transactions for a wide range of clients in India. He is also active in several charitable organizations in India.

For more information please contact:

Verus Ferreira – 9819510183

Rina Dasgupta - 9821142424